Jasper & Williams made purchases of a particular product in the current year as follows: W 110 units @ $2.30 - $ 260 units 520 units 50 units 940 units Jan. 1 Beginning inventory Mar. 7 Purchased July 28 Purchased Oct. 3 Purchased Totals: a FIFO b Weighted average cost Required: 1. Ending inventory consists of 161 units. Assuming a periodic system, determine the costs to be assigned to cost of goods sold an ending inventory under: (Round your intermediate calculations and final answers to 2 decimal places.) Ending Inventory 2. Which method provides the lower profit? @$2.40 @ $2.50 @$2.60 O Weighted-average cost 253 624 1,300 130 $ 2,307 Cost of Goods Sold
Jasper & Williams made purchases of a particular product in the current year as follows: W 110 units @ $2.30 - $ 260 units 520 units 50 units 940 units Jan. 1 Beginning inventory Mar. 7 Purchased July 28 Purchased Oct. 3 Purchased Totals: a FIFO b Weighted average cost Required: 1. Ending inventory consists of 161 units. Assuming a periodic system, determine the costs to be assigned to cost of goods sold an ending inventory under: (Round your intermediate calculations and final answers to 2 decimal places.) Ending Inventory 2. Which method provides the lower profit? @$2.40 @ $2.50 @$2.60 O Weighted-average cost 253 624 1,300 130 $ 2,307 Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Jasper & Williams made purchases of a particular product in the current year as follows:
Jan. 1 Beginning inventory
Mar. 7 Purchased
110 units
260 units
520 units
50 units
@ $2.30
@$2.40
@ $2.50
@$2.60
July 28 Purchased.
Oct. 3 Purchased
Totals:
940 units
a
b
Required:
1. Ending inventory consists of 161 units. Assuming a periodic system, determine the costs to be assigned to cost of goods sold and
ending inventory under: (Round your intermediate calculations and final answers to 2 decimal places.)
FIFO
Weighted average cost
Ending Inventory
2. Which method provides the lower profit?
O Weighted-average cost
-S
Cost of Goods
Sold
W
253
624
1,300
130
$ 2,307
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